Dogecoin, which skyrocketed after getting some attention from Elon Musk, is once again climbing in value. The uptick is no doubt due to Musk’s Twitter acquisition, with some hopeful — perhaps delusional — individuals speculating over whether the billionaire will turn Dogecoin into some sort of official Twitter coin. Based on data presented by CoinMarketCap, Dogecoin’s particularly low value stabilized around May 2022 after months of a slow decline following its 2021 high. However, the value started climbing quickly when Musk announced that the Twitter deal had been finalized.
Back in 2014, Dogecoin was effectively worth nothing at about $0.0003 per coin. That hasn’t changed much over the years — its all-time high reached only $0.74 (via CoinDesk), though that was quite substantial for the individuals who had amassed huge quantities of the meme coin. As of October 25, Dogecoin sat at a value of around $0.06 per coin, a figure that has climbed to around $0.13 as of October 31. That’s still quite low, of course, and experts have regularly warned not to invest in the meme coin, the biggest reason being the essentially unlimited number of coins in circulation (via Analytics Insight).
That reality doesn’t seem to be stopping some from picking up Dogecoin regardless in hopes that Musk will either directly or indirectly cause it to spike in value once again. It’s hard to say what Musk may do — he is notoriously fond of sharing memes, and it’s entirely possible he could give Dogecoin some renewed attention. However, it’s also possible Musk may have no interest in returning to the meme coin, as he’s currently facing a lawsuit over it (via Reuters).
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